The NFL draft is now only a single week away. With the seemingly endless mock drafts that have been all over the TV and online sports websites, the time is almost here for the real draft. Years ago the draft was a cool event, but only die hard NFL fans would go and watch it live. When the NFL finally started broadcasting the draft on TV, the average fan could tune in, thus began the explosion in draft coverage. The draft is now the biggest off season event that the NFL has to offer.
The NFL draft is awesome, as it gives fresh hope to teams that have a chance to draft the next great QB or whatever position they need. But one of the biggest problems with the draft is that these young men are about to be given a large sum of money and many of them have no idea how to deal with it. These young players are only three to four years removed from going to their high school homecoming dance. No wonder so many NFL guys end up broke after earning millions playing football. Here are some things that lead directly to ending up a broke former pro football player. They should be avoided at all costs.
Having a pile of children is a great way to end up poor after your NFL career is over. Just one child costs about $200,000 to raise.
Fancy cars are nice, but the fact that they go down in value the moment you drive off the car lot, should be a warning sign.
Buying a house for one’s mom is a goal of many pro athletes. That is very noble, but going overboard is not smart. There is a limit to what even a NFL superstar can truly afford.
Providing jobs for your entourage, even though they have nothing to offer as a your employee. Be good to friends but don’t be a host for parasites.
Multiple wives is a quick way to make sure all your game checks are spent before they even get deposited into your bank.
Messing with drugs is a sure way to gain a habit that will not only drain your cash, but will also contribute to an early end to your playing career.
Having no respect for the law is a path to problems and expensive lawyers. OJ, Aaron Hernadez, and Rae Carruth can attest to that fact.
Just treating your job as an NFL player as a given. There are young players that will be trying to take your position each and every practice. Better out work your competition.
Being a locker room distraction is a good way to eventually get blackballed in the NFL. Even the most talented players will eventually wear out their welcome if they are a headache for coaches and teammates.
Once you are a millionaire NFL player, you can not be exactly what you used to be. Yes, you can be the same person that you were before. But your decisions, especially about money have to evolve. A good, honest financial adviser is a must for NFL players.